Which statement concerning strategic planning is correct?
A) Strategic plans can be best used by large retailers.
B) Strategic planning should be conducted on an annual basis.
C) Strategic plans should emphasize attracting customers via price-oriented promotions.
D) Strategic planning is a continuous process.

Question

Quizplus · Accepted Answer

Strategic planning is a continuous process that involves ongoing evaluation, revision, and implementation of plans to achieve long-term goals. It is not a one-time or annual event, but rather a dynamic and flexible approach to business management. Additionally, strategic plans should not solely emphasize attracting customers through price-oriented promotions, as this can be harmful to the long-term financial health of a business. Instead, strategic plans should incorporate a diverse range of strategies to meet the needs of different customer segments and ensure sustainable growth.

Which Statement Concerning Strategic Planning Is Correct